District Circular Letters
The Federal Reserve Bank of San Francisco uses circular letters to communicate new policies and announcements to institutions in the Twelfth Federal Reserve District.
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Agencies Issue Guidance on Federal Debt
On August 5, 2011, Standard & Poor's rating agency lowered the long-term rating of the U.S. government and federal agencies from AAA to AA+. With regard to this action, the federal banking agencies are providing the following guidance to banks, savings associations, credit unions, and bank and savings and loan holding companies (collectively, banking organizations).
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SR 11-11 / CA 11-5 Supervision of Savings and Loan Holding Companies (SLHCs)
Title III of the Dodd-Frank Wall Street Reform and Consumer Protection Act1 (Dodd-Frank Act) transfers to the Board of Governors of the Federal Reserve System (Board) the supervisory functions of the Office of Thrift Supervision (OTS) related to SLHCs and their nondepository subsidiaries beginning on July 21, 2011. The Dodd-Frank Act also provides that all […]
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SR 11-12 Deregistration Procedures for Certain Savings and Loan Holding Companies
Under the Home Owners’ Loan Act (HOLA), a savings and loan holding company (SLHC) includes any company that directly or indirectly controls either a savings association or any other company that is an SLHC.1 The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) amended HOLA to exclude from the definition of an SLHC […]
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SR 11-13 Guidance Regarding Prior Notices with Respect to Dividend Declarations by Savings Association Subsidiaries of Savings and Loan Holding Companies
Effective July 21, 2011, any savings association that is a subsidiary of a savings and loan holding company (SLHC) must provide notice to the Board at least 30 days before declaring a dividend.1 The duty to review and process these notices is one of the new responsibilities the Board assumed on July 21, 2011, as […]
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New Member BankBay Commercial Bank
The Federal Reserve Bank of San Francisco, acting under delegated authority, has approved the application of Bay Commercial Bank, Walnut Creek, California, for membership in the Federal Reserve System.
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Federal Reserve Seeks Comment on Proposal Setting Standards for Banking Organizations Engaging in Certain Types of Foreign Exchange Transactions
The Federal Reserve Board is seeking comment on a proposal that sets standards for banking organizations regulated by the Federal Reserve that engage in certain types of foreign exchange transactions with retail customers.
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Federal Reserve Announces Results of Auction of $5 billion in 28-day Term Deposits Held on July 25, 2011
On July 25, 2011, the Federal Reserve conducted an auction of $5 billion in 28-day term deposits through its Term Deposit Facility.
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Federal Reserve Issues Final Rule to Repeal Regulation Q, Which Prohibited the Payment of Interest on Demand Deposits
The Federal Reserve Board on July 14, 2011 announced the approval of a final rule to repeal its Regulation Q, which prohibits the payment of interest on demand deposits by institutions that are member banks of the Federal Reserve System.
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Federal Reserve Seeks Comment on Notice Outlining Regulations Previously Issued by the Office of Thrift Supervision
The Federal Reserve Board is seeking comment on a notice that outlines the regulations previously issued by the Office of Thrift Supervision (OTS) that the Federal Reserve will continue to enforce after assuming supervisory responsibility for savings and loan holding companies (SLHCs).
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Federal Reserve Offers $5 billion in 28-day Term Deposits Through Its Term Deposit Facility
On Monday, July 25, 2011, the Federal Reserve will offer $5 billion in 28-day term deposits through its Term Deposit Facility. As noted in the Federal Reserve Board's September 8, 2010 release, this offering is part of ongoing small-value operations designed to provide eligible institutions with an opportunity to become familiar with term deposit operations. […]